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Old 07-30-2000, 02:54 AM   #1
N/A
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Question Question about insurance and up grades

I was curious if anybody made upgrades to their brakes or other parts and if they checked with their insurance company to see if the upgrade would lower their rates? I will be putting the 4 pots on my RS and I was curious if the insurance company would treat this as added safety equipment? I was also curious if anybody did other mods that may have lowered their rates other then the car alarm and maybe the OnStar system? Thanks!
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Old 07-30-2000, 08:54 AM   #2
North Ursalia
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Generally, the only items that lower insurance are things like ABS, auto seatbelts, airbags, etc. I seriously doubt an insurance company will give you a discount for uprating the brakes on your car.... mine won't even discount for having an alarm (even though it has an immobilizer) but they do cover aftermarket accessories- leaves a little piece of mind.
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Old 07-30-2000, 04:03 PM   #3
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Most insurance companies that were pushing for the development of ABS don't even give a discount for having it anymore (USAA). They said that they didn't see a reduction in accidents because of them. Hmmm...maybe because since the ABS works, they don't have accidents, so they aren't reported...just my thought.

Jim
00 RS Sedan Silver
 
Old 07-30-2000, 04:07 PM   #4
Overtime
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Insurance companies are the last legal extortionists in the country.

If you don't know how they work, don't learn. I wish I didn't. The more I found out the angrier I got.
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Old 07-30-2000, 04:09 PM   #5
MstrDC
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Hmmm...about the brakes I'm not sure. But also upgrading brakes would be aftermarket, so I think Insurance Companies might even try to raise your rates because its not stock even though it provides more safety. Most Insurance Co. have a different way of thinking than most people, so you never know what goes and what doesn't.
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Old 07-30-2000, 04:36 PM   #6
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Even if the brakes aren't actually aftermarket but a factory option in the rest of the world? Why do they think that because its not stock its therefore dangerous? Luckily the palce in Rochester that my car is insured through right now is really good about that sort of thing. I guess I could check with a seperate company to see that way if they say no and that it would cost more I can just not tell the new company. Hell I wonder if they'd call a rollcage a dangerous upgrade?
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Old 07-30-2000, 05:28 PM   #7
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Companies vary greatly when it comes to aftermarket accessories. The only a/m item I know of that will lower your rates is an alarm.
Performance enhancements such as brakes, sway bars, etc do not get you a decrease in rates. In fact, such items are frequently NOT covered as part of your insurance, depending on the company.
Stupid example...I had a BMW M3 that was not covered for a/m parts, including the wheels. We had to replace damaged wheels for the price of eom ones, even though the a/m ones were less! Had they been more, though, the owner would have had to pay the difference.
My current employer doesn't cover any stereo upgrades beyond what fits in the hole in the dash as too many of them are getting stolen any more.
Be sure what you are covered for BEFORE you have to make a claim. It's no fun finding out afterward that you are out $2000 worth of stuff because it was an exception on your policy.

Your friendly neighborhood insurance adjuster
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Old 07-30-2000, 06:38 PM   #8
dch
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Anybody know what's involved in self-insuring? I've heard of larger fleets doing it, but what are the legalities of an individual doing it? Man I'd love to walk into the DMV and scribble "self" where it asks for insurance company/policy number...
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Old 07-31-2000, 02:32 AM   #9
MikeYOX
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Question

Self insuring. A chill goes up my spine just hearing that phrase......and I don't even know what it is. But, it sounds bad.
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Old 07-31-2000, 04:00 AM   #10
Jay_UK
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I have never found a company in the UK that discounts.. or doesnt even increase your premium.

Basically.. anything added onto your car, that isnt stock... increases the premium..

Even if its a factory fit option.. like larger rims... or spoiler... or performance pack.

If you touch the car it will cost u more..

SUCKS!!

J.
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Old 07-31-2000, 04:11 AM   #11
MikeYOX
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Not true. My friend stuck a big block 455 and a Muncie 4 speed in place of the 120 hp V6 in his 83 Olds, and the insurance company did not give a ****. They said they would not cover it, but at the same time they said they would not touch his rates. He pays old Grampa insurance rates, but he has a solid 9 second car. Go figure.
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Old 07-31-2000, 09:46 PM   #12
BryanH
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The only thing that will lower insurance rates is an alarm, cleaning up your record, getting older, and getting married.

Having been an insurance agent for 4 years I know how insurance companies work and the only advice I can give you for making upgrades is to:

1. Don't ever do this with the intention of raising the value of your car...because it won't.

2. Keep the stock parts so when your car gets totalled you can get your aftermarket parts back and give them the stock parts. What you choose to do with these aprts is up to you. Sell them or get another and reinstall...whatever.

EDIT: OH, self-insurance? You don't have the money to do it. Basically it involves being able to financially back up WHATEVER claim you may have and this has to be in a liquid asset(cash) that you are not going to be able to touch. And most states have a minimum self insurance limit of 1,000,000.

[This message has been edited by BryanH (edited July 31, 2000).]
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